Technavio analysts forecast the global casting resin market to grow at a CAGR of over 6% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global casting resin market to grow at a CAGR of over 6% by 2023. (Graphic: Business Wire)
The increasing adoption of casting resins in medical device production is one of the major trends being witnessed in the global casting resin market 2019-2023. Casting resins such as epoxy resins and polyurethanes are preferred for the manufacture of medical device displays, trailing aids, and prototypes owing to their excellent mechanical properties and ease of design. The increase in preference for resin casting over injection molding among medical device suppliers can be attributed to the complexities and detailed requirements of medical device displays, especially for dentistry and orthopedic uses.
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According to Technavio analysts, one of the key factors contributing to the growth of the global casting resin market is the increased application of casting resins in electronics:
Global casting resin market: Increased application of casting resins in electronics
In 2018, the rapid growth of the global electronics industry aided the growth of the global casting resin market. The electronics industry witnessed a high growth not just in developed markets such as the US and Western Europe, but also in emerging economies in APAC in 2018. In the electronics industry, countries such as China, India, and Malaysia, are expected to continue their development as key markets during the forecast period.
According to a senior analyst at Technavio for research on additives, adhesives, and sealants, “In the electronics and electrical industries, various casting resins find applications for potting and encapsulation. Epoxy resins are used to provide adhesion for a range of electronic and electrical substrates owing to their excellent mechanical and chemical properties. Polyurethane resins are preferred for circuits with fragile components such as ferrites and glass reed switches due to their elastomeric nature. Overall, the increased adoption of casting resins in electronics is expected to boost the growth of the global casting resin market during the forecast period.”
Global casting resin market: Segmentation analysis
The global casting resin market research report provides market segmentation by type (polyurethane, epoxy, and unsaturated polyester resin) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The polyurethane segment held the largest market share in 2018, accounting for nearly 68% of the market. This type segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 42%. This region is expected to dominate the market through 2023.
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Five Forces Analysis
Market Segmentation
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